Thornton, Iowa Property Taxes
The median property tax rate in Thornton, IA is 1.22%, which is significantly higher than the national median of 0.99% but lower than the Iowa state median of 1.54%. With the median home value in Thornton at $157,400, the typical annual property tax bill amounts to $1,958, falling below the national median of $2,690. Property taxes in Thornton are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Thornton's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Thornton or elsewhere in Franklin County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Thornton, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,920
Ownwell’s Thornton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Thornton, Iowa
Property taxes in Thornton, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 1.22%, higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Thornton's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50479 zip code has the highest median property tax rate of 1.22%, while the 50479 zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Thornton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornton Tax Rate
1.22%
Average Franklin County Tax Rate
1.64%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50479 | 1.02% | 1.06% | 1.22% | 1.37% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, Iowa
In Thornton, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Franklin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Thornton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price is $157,400, with tax bills ranging from $1,292 at the 25th percentile to $3,228 at the 90th percentile. The highest and lowest median tax bills are both $1,958, found in the 50479 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Thornton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thornton Assessed Value
$157,400
Average Franklin County Assessed Value
$103,400
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thornton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50479 | $79,900 | $99,250 | $157,400 | $203,750 | $241,100 |
Source: Ownwell
Property Tax Bills Across Thornton, Iowa
In Thornton, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Thornton can expect their tax bills to be influenced by various factors, including the local tax rate and any applicable exemptions or deductions. For instance, the median home price in Thornton is $157,400. Property tax bills in the area can vary significantly. At the 25th percentile, homeowners might pay around $1,292, while those at the 75th percentile could see bills as high as $2,518. For those at the 90th percentile, tax bills can reach up to $3,228. These variations highlight the impact of property assessments and local tax rates on homeowners' finances. Compared to the national median property tax rate of 0.99%, Thornton's property tax landscape can present both challenges and opportunities for homeowners, depending on their property's assessed value and the specific rates applied.
Average Thornton Tax Bill
$1,958
Average Franklin County Tax Bill
$1,653
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50479 | $636 | $1,292 | $1,958 | $2,518 | $3,228 |
Source: Ownwell